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OPEC will support cuts – awaits Russia's decision

According to news agency Reuters, it is likely that OPEC ministers will accept output cuts at a meeting Thursday.

Photo: Joe Klamar/AFP/Ritzau Scanpix

OPEC ministers will most likely approve significant output cuts when the cartel meets Thursday, but they are still waiting to land an agreement with Russia, reports news agency Reuters.

Sources tell the media that the meeting in Vienna, Austria, is expected to go as planned prior to Friday's decisive meeting with Russia.

A third OPEC source tells Reuters that discussions on the exact quota distribution will be difficult. Since the beginning of the year, oil has depreciated by more than 20 percent due to factors including the coronavirus outbreak.

English Edit: Daniel Frank Christensen

Oil jumps as US strike on Iran general raises conflict fears 

Oil sputters after OPEC+ fails to nail down new output target 

OPEC+ set to debate oil-cut cheating as Russia seeks rule change 

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